SGGTF) restarts diamond drilling on its 100% -owned Lingman Lake gold project and expands regional exploration activities
Toronto, Ontario – September 20, 2021 (Newsfile Corp.) (Investorideas.com Newswire) Signature Resources Ltd. (TSXV: SGU) (OTCQB: SGGTF) (FSE: 3S3) (“Signature” or the “Company”) is pleased to announce that it has resumed diamond drilling as part of its fall drilling campaign 2021 on its 100% owned Lingman Lake Gold Project (the “Project”) located in Northwestern Ontario (see Figure 1).
- Fully funded 10,000 meter (“m”) fall drill campaign for expansion at depth and toward Lingman Lake on the east side of the diabase dyke mineralized zones surrounding the historic MU workings.
- The Company owns two drilling rigs and plans to ramp up their operations as geophysical data improves.
- Expanded regional exploration program with ongoing compilation and analysis of regional exploration data incorporating historical data and new property-wide airborne geophysical and summer LIDAR surveys for identification and development. ranking of very promising regional targets allowing for target-specific exploration progress throughout the winter of 2022.
- Ongoing analysis, modeling and interpretation of geophysical surveys on the west side of Lingman Lake and winter and spring drilling to support improved targeting of drilling to follow.
- Ongoing collection and compilation of geological data for the Lingman Lake site, including new summer ground IP and magnetic geophysical surveys to a depth of 500m, new site surface mapping and all drilling data historical data, to further improve the vectorization of drill holes for optimal expansion of gold mineralization.
“I am very satisfied with the entire Signature team and with the announced continued drilling on our Lingman Lake site with the launch of a fully funded 10,000 meter drilling campaign. major exploration camp optimizations allowing drilling at lower cost and an expanded regional exploration program. Signature is now moving diligently on two main fronts with the expansion drilling of Lingman Lake gold mineralization and the identification, grading and targeted exploration of high potential regional targets. looking forward to many new and exciting advances on these fronts throughout the remainder of this year. “
Robert Vallis, President, Chief Executive Officer and Director
About the signature
The Lingman Lake gold property consists of 1,434 staked claims, four fully patented freehold claims and 14 patented mineral rights claims totaling approximately 27,113 hectares. The property contains a historical estimate of 234,684 oz of gold * (1,063,904 tonnes grading 6.86 g / t with a cutoff of 2.73 gpt) and includes what has been historically referred to as the gold mine Lingman Lake, an underground substructure consisting of a meter well and 3 levels at 46 meters, 84 meters and 122 meters deep.
* This historical resource estimate is based on previous data and reports obtained and prepared by previous operators, and on information provided by government authorities. A qualified person has not performed sufficient work to verify the classification of the mineral resource estimates according to the current CIM categories. The Company does not treat the historical estimate as a current estimate of mineral resources under NI 43-101. Establishing a current mineral resource estimate on the Lingman Lake deposit will require a more in-depth assessment, which the Company and its consultants intend to complete in due course. Additional information regarding historical resource estimates is available in the technical report titled “Lingman Lake Gold Property Technical Report” dated January 31, 2020, prepared by John M. Siriunas, P.Eng. and Walter Hanych, P.Geo., available on the Company’s SEDAR profile at www.sedar.com.
To learn more about Signature Resources Limited, visit our website at www.signatureresources.ca or contact:
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This press release contains forward-looking statements which are not statements of historical fact. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including terms indicating that the Company or management expects a condition or reported result to occur. Forward-looking statements may be identified by words such as “believes”, “anticipates”, “expects”, “estimates”, “could”, “could”, “could”, “will” or “will”. Because forward-looking statements are based on assumptions and deal with future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. The risks, uncertainties and other factors involved in forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information contained in this press release includes, without limitation, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, mineral resource estimate , mining exploration and development plans, when to start operations, and estimates of market conditions and risks associated with infectious diseases, including COVID-19. Factors that could cause actual results to differ materially from this forward-looking information include, without limitation, changes in general economic and financial market conditions, inability to identify mineral resources, inability to converting estimated mineral resources into reserves, inability to complete a feasibility study that recommends a production decision, preliminary nature of metallurgical test results, delays in obtaining or failure to obtain government approvals, environmental or other requirements for the project, political risks, the inability to fulfill the duty to accommodate of First Nations and other Indigenous peoples, uncertainties relating to the availability and costs of necessary funding in the future, variations in stock markets, inflation, changes in exchange rates, fluctuations in the prices of m raw materials, delays in project development, investment and operating costs varying widely from estimates and other risks involved in mineral exploration and development of the investment industry and the risks set out in the Company public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in the preparation of forward-looking information in this press release are reasonable, one should not place undue reliance on such information, which only applies as of the date of this press release. press release, and no assurance can be given as such events will occur within the timeframe disclosed or will not occur at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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